Sysco Corp will buy US Foods Inc for about $3.5 billion from its private equity owners in a deal that will combine the top two U.S. food distributors and create a company commanding at least a quarter of the $235 billion North American market. United Natural Foods Inc, the next largest publicly listed food distributor, trades at about 14 times trailing EBITDA. Sysco Chief Executive Bill DeLaney, speaking on a conference call with analysts, said Sysco now has an 18 percent share of the market, while US Foods has 9 percent. Sysco, with annual revenue of about $44 billion, is the largest operator in the U.S. food distribution business, with US Foods in the No. 2 spot.
Source: REUTERS
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